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In many states, including Florida, it is illegal to engage in price gouging. Florida’s law penalizes a seller for any “gross disparity between the quoted price of a ‘necessity item’ such as water, and the item’s price on the date that the governor declares a state of emergency.” The penalties stay in force for 30 days from the date of the declaration. Florida is susceptible to hurricanes and in 2004, three successive hurricanes struck Florida. The demand for “necessities,” such as bottled water, gasoline, and plywood increased significantly since damages to the state’s housing, electrical grid, and businesses were extensive. With prices fixed at prehurricane levels, there was little incentive for producers and others outside the state to rush these items to Florida disaster areas. (A) Who gains and who loses when antigouging laws contribute to shortages of items such as bottled water or plywood?
There are basically four types of market structure under which a business could operate. What are these market structures? Assume that you are the only producer of a product and have a patent that prevents market entry, what market structure do you b..
Let U denote the value of water released in t = 0 plus the discounted expected value of water in the reservoir in t = 1. What is the expression for U ?
What is the primary source of revenue for the Federal government and what is the largest part of the spending at the Federal level?
When one is conducting an ROR analysis of mutually exclusive service projects
Determine the income elasticity of demand, and state whether good X is a normal or inferior good. d. Determine the own advertising elasticity of demand.
In this module, it is demonstrated that sometimes extensive diseconomies of scale, say, due to high transportation costs, would require that the firm produce its product in a multiple of plants. Suppose a beer brewing company has determined that i..
Suppose that an industry has high fixed costs to enter but, other than that, is competitive. What will be the effect of the high fixed costs to the number of firms in the industry? To the firm size ? Is marginal cost higher or lower for a firm with h..
Explain what is meant by price floors and price ceilings. What are the consequences of a) a price floor that is higher than the market equilibrium price; b) a price ceiling that is lower than the market equilibrium price. Demonstrate your answers gra..
At April 30, partners' capital balances in PDL Company are: G. Donley $48,100, and J. Pinkston $17,600. The income sharing ratios are 5 : 4 : 1, respectively. On May 1, the PDLT Company is formed by admitting J. Terrell to the firm as a partner. Lama..
Using the PPC as a springboard for your analysis, what effect would forgoing consumption today in order to invest for tomorrow have on future production possibilities? Now consider the choices our government faces when it has limited tax revenues to ..
The HRM specialists at A&C Company took the opportunity to increase productivity and decrease manual data analysis by using their microcomputer along with a commercial database management system (DBMS) to develop a __________. Now the company can rea..
what is the payoff in the first period for Firm 2 if. instead of cooperating, it maximizes its single period profits? Will Firm 2 choose to cooperate in the repeated Cournot game?
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